The coming financial crisis

[rjs246]

Either way. You crusty old fargs need to realize that your days are numbered and clear out of the way. Don't ruin the economy further just because you're old and bitter.

[Tomahawk]

Hahaha - because you'll be different

At least I'll have the future generations in mind when I turn to a diet of speed balls and hookers when I turn 75 or whatever the average life expectancy is

[rjs246]

I'd like to think that I'll be different, but more importantly I'd like to think that the decisions I make leading up to that point won't have me 100% dependent on money that is in the goddamned stock market. There's this idea that the stock market will always go up and when it doesn't people farging freak out. IT'S SUPPOSED TO GO DOWN SOMETIMES. And when it's artificially propped up because people can't handle the idea of fluctuation it can only lead to bad things down the road...

And yes. Coke and hookers in old age is definitely the way to go. farg shteinting in a bag and eating oatmeal.

[Cerevant]

So, whose fault is this mess?  The Dems?  The Repubs?  Try a little bit of everyone...

So who is to blame? There's plenty of blame to go around, and it doesn't fasten only on one party or even mainly on what Washington did or didn't do. As The Economist magazine noted recently, the problem is one of "layered irresponsibility ... with hard-working homeowners and billionaire villains each playing a role." Here's a partial list of those alleged to be at fault:

    * The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.
    * Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.
    * Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.
    * Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.
    * The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families.
    * Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.
    * Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.
    * Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.
    * The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.
    * An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.
    * Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.

[PoopyfaceMcGee]

Well, the most recent blame falls on all the iceholes that voted for this wildly retarded bailout.

[shorebird]

And if any of them represent you, be shore not to vote for them.

[PoopyfaceMcGee]

10-4

[Father Demon]

The problem I have with this list is:

* Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.

You can not expect a generation of idiots, raised by the principals of "Do Better Than Thy Neighbors" to understand the ramifications  of what could happen.

A) Lowest common denominator is stupidity
B) we should weed them out through selective population
C) Once we solve their problems, who's next??

[shorebird]

Stupidity and irresponsibility gets rewarded in this country. I liken' the government bailout to a 6 year old who spent his lunch money on candy, calling his mommy from school to get more money for lunch.

When are the honest, hardworking Americans who pay their bills ever going to get rewarded for anything? I took advantage of low interest rates, low material prices, and built the nicest house I've ever owned. The big difference between me and the rest of the keep up with the Jones' Americans, is that I worked with a budget that I knew I could afford. What does this farging government do for me besides raise property taxes, raise state and federal taxes, spend billions of dollars of American's money in other countries, and then spend billions more of American's money bailing out scam artists who are already millionaires? And then you have Obama telling me to save money on gas by getting tune ups and checking tire pressure. Hey dumbass, I already do that.

So right now with the market going to crap because of all this other bullcrap, I'm forced to look for work elseware. I'll be my own boss no more. That sucks.

This country is so farged up right now, and so much of Congress is backing up with their handout, that it doesn't really matter who the president is. Not much will change in our lifetime.

[Rome]

I hate to say it, shore, but the gubment is always hiring.





<----- Me.

[shorebird]

After Monday, I could be right there with you.

[Seabiscuit36]

I work now for a quasi gubament company. 

[PoopyfaceMcGee]

So, now we're looking at the "Wells Fargo Center" hosting the Sixers and Flyers?

[PhillyPhreak54]

I would like a personal bailout.

I have a balance on one of my CC's.

Help me government!

[shorebird]

I would like a personal bailout.

I have a balance on one of my CC's.

Help me government!

Damn right. If they can bail out people with 7 figure bank accounts, why not us?